Mining services company Perenti announced it would recover $10 million as “settlement for historical damages” to a property in West Africa.
The incident dates back to 2004, when property owned by Perenti was damaged in a fire on an adjacent property.
Perenti, which has actively pursued a claim for damages for years, said it has entered into a settlement agreement that will result in the Company receiving $10 million in cash.
“Since the formation of Perenti just over three years ago, our dedicated people have been systematically working through several legacy issues, primarily associated with the historical performance of the AMS business,” said Mark Norwell, Managing Director and CEO.
“I am very pleased that the efforts of our team have resulted in the resolution of this long-standing damage claim, delivering circa $10 million of cash to the business and an uplift in FY23 statutory earnings.”